New Jersey contractors secure bonds and insurance to be protected if a problem arises while working on a project since you can never assume that everything will go according to plan. When something does go wrong on a job site, as most general contractors know, having insurance can save their business and their reputation. When an accident or an injury occurs the person in charge will likely to be held responsible for any mishap that happens. Having new jersey contractors insurance will help take the brunt of the financial burden.
For example, vandals raid construction sites in the evening when the crew has gone home, or someone on the crew might make a mistake and damage property belonging to the client, without insurance this becomes an out-of-pocket expense.
Most states require that contractors demonstrate proof of insurance as part of obtaining a trade license or registering their business. There is no doubt that new jersey contractors insurance is an important policy to have and will protect the owner and the business from the burden of paying any costs for medical attention, repairs, or damages experienced during construction.
Being uninsured is a serious mistake
Hiring an uninsured contractor immediately puts the client at risk. There is a list of specific coverages that all good contractors should acquire, including general liability, which covers property damage caused by the contractor’s work, as well as workers’ comp, which provides payments to injured workers, without regard to who was at fault in the accident, and this includes any lost wages and any need for medical services.
Contracting and construction business owners rely on having General Liability (GL) insurance to safeguard their business against the mounting risks of potential lawsuits over accidents, injuries, and illnesses, which is especially important in today’s litigious environment. As the courts expand coverage under the GL and commercial umbrella policies, insurers may wish to re-evaluate underwriting guidelines.
It helps to speak to an agent that knows the legal rules and form options, as this is essential to any insurer familiar with the policy requirements for contractors. Speak to an agent who can help evaluate and determine the construction environment in New Jersey and can help you decide which new jersey contractors insurance options are best suited for the type of projects you service.